Who can apply?
For your startup to be eligible for the program, it must:
- Have a pre-established team
- Have at least one (co) founder of Armenian descent
- Be in one of the stages of development as defined below
- Have co-founders willing to register and establish the startup in Armenia and live in Armenia for at least 1 year
Note: Due to space limitations, only 2 members from each startup will be invited to participate in the program in Dilijan.
Application deadline: Monday October 21, 2019
Eligible Startup Stage
Only idea to seed stage companies can apply for participation in the program.
From the perspective of the program, the company can be considered idea to startup stage if its product is in any of these development stages: Pre-product/R&D; Prototype; MVP; Initial revenue (achieving sales).
See the description of company stages, considering the product development phases, in the table below:
|Idea||Team||Team has already been formed, founders can be not full time involved in the project during this stage|
|Customers||The company can define who is the typical customer for its product and has already identified main customers.|
|Revenue||Company has already defined its business model, understands what cost/revenue streams can be, and is working to develop pricing/revenue structure. The company has no revenue.|
|Product||The company has already developed a concept, which can be adjusted during the R&D process.|
|Pre-seed||Team||The team consists of full-time founder(s).|
|Customers||The company is in discussions with potential customers to determine demand in the market.|
|Revenue||The pricing/revenue structure has been developed, but needs market validation. The company has no revenue.|
|Product||The prototype is ready.|
|Seed||Team||The team consists of full-time founder(s) and is in the process of hiring initial employees as needed.|
|Customers||The company has already paying customers and the market need has been validated.|
|Revenue||The company has achieved sales|
|Product||A minimum viable product has been launched.|
- 1. Submission
- Startups fill out an application form and submit it via GUST.
- 2. Pre-screening
- Applications will be reviewed for eligibility requirements.
- 3. Screening
- Applications that make it through the pre-screening phase will be reviewed once more, and the most promising startups will be invited to interview with program organizers.
- 4. Interviewing
- Selected participants will be interviewed to discuss their motivation for participation and likelihood of repatriation.
- 5. Selection
- Depending on the results of the application screening and interview, select applicants will be chosen to participate in the Program.
- 6. Participation in Program
- 2 members from each of the selected startups will be invited to participate in the four-day program at UWC, Dilijan, from December 16th-20th 2019.
- 7. Pitching
- After receiving coaching and mentorship sessions over the four-day program, each team will pitch its startup to the jury to compete for the grants.
- 8. Grants and awards provision
- Winning teams will be invited to repatriate to Armenia and receive grants ranging from $15,000-$30,000 plus entrepreneurial support to grow their ventures in Armenia.
Benefits proposed by Organizers
Selected startups will receive full funding for 2 members for the following:
- Accommodation and meals
- Local transportation
- Cultural programme and site visits
- Airplane Tickets will be at the expense of participants, however scholarships covering those expenses will be provided based on the motivation, startup’s industry and social status of the candidates
Grants and awards will be provided, contingent that the winning teams present the following:
- A business plan
- Proof of registering the startup in Armenia
- A bank account in Armenia under the company’s name
Startups invited to join the program in Dilijan will have the following costs covered:
- Accommodations and meals in Armenia for 4 days/nights
- Local transportation between Yerevan and Dilijan
Airplane tickets will be at the expense of participants. Limited scholarships covering airfare may be available based on circumstances and financial need.
Entrepreneurs will explore ways to improve their startups, including:
- Intellectual: exploring individual and team competencies and plans that generate genuine value for people and the business
- Network: exploring access to relevant skilled people and the market
- Financial: exploring access to capital
- Core: exploring proper individual and team motivation
Why Grow Your Business in Armenia?
- Be a part of Armenia’s dynamic start-up ecosystem
- Receive strong governmental support
- Access to investment opportunities and tax privileges
- Assistance in relocation and settlement in Armenia
- Access to a talented pool of professionals in Armenia
OFFICE OF THE HIGH COMMISSIONER FOR DIASPORA AFFAIRS OF THE REPUBLIC OF ARMENIA
THE MINISTRY OF HIGH-TECH INDUSTRY OF THE REPUBLIC OF ARMENIA
In partnership and collaboration with the Foundation for Armenian Science and Technology (FAST)
Sponsors & Partners
- IDeA FOUNDATION
- UWC Dilijan